Pharma Dept. to Introduce Scheme Boosting Domestic Equipment Manufacturing

A new scheme aimed at bolstering the domestic medical device industry will be launched within the next month, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals. The scheme is currently being finalized following extensive consultations with industry stakeholders to ensure it meets their needs. Chawla confirmed that the Finance Ministry has granted in-principle approval for the initiative.

Speaking at the second Meditech Stackathon, Chawla outlined that the scheme aims to reduce the country's reliance on imported medical devices. The objective is to foster long-term self-reliance within the domestic medical device sector. He also highlighted the success of the existing Production Linked Incentive (PLI) scheme, which has already led to the commencement of 20 major greenfield projects.

Under the PLI scheme, high-tech medical devices, including CT scanners, MRI machines, ultrasound equipment, and dialysis machines, are now being manufactured domestically. This development follows the Union Cabinet's approval of the National Medical Devices Policy in April of the previous year. The policy is designed to boost domestic production and cut down on imports, with a goal of growing the medical devices sector to USD 50 billion over the next five years.